VOL. XLIII
No. 11
13-March-2000
OPEC
OPECs Hard Choices
The following article was written for MEES by Robert Mabro, Director of the Oxford Institute for Energy Studies
The oil-exporting countries took 15 months (January 1998-March 1999) to agree upon and implement production cuts of the magnitude required by a skeptical and intemperate market for correcting the declining trend in prices. They all knew that a small percentage reduction in production of the order of 7-10% would most probably lead,...
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